The profit by Ethiopian Airlines Group for the 2013/2014 fiscal year has hit the bar and made a record profit of 3.15 Billion Birr.
The net profit the airline registered for the fiscal year was the highest ever since its inception and surpassed the net profit it recorded the year previous to it by 53 percent. During the 2012/2013 fiscal year the airline recorded 2.3 Billion Birr.
Ethiopian Airlines generated 46.5 Billion Birr operating revenue which is up by 21 percent. It transported six million people and 187,000 tons of cargo, an increase in 13 and seven percents respectively.
According to The Reporter, Ethiopian was facing different challenges when it made a record high profit. There is the economic recession in Europe, fuel price hike and Ebola outbreak in Africa. It was only a while ago the airline reported it has been losing USD eight Million in sales every month due to the virus outbreak which scared away passengers coming to Africa.
During the fiscal year the national flag carrier collected ten international awards. The African Airlines Association awarded the airline as the best airline of the year and International Air Transport Association (IATA) ranked it the largest carrier in Africa in terms of revenue and profit. Other than this it was recognized and awarded by American aircraft manufacturer, Boeing, and the Canadian air framer, Bombardier.
Nonetheless, other African airlines reported heavy losses during the same period. For example Kenya Airways reported a net loss of USD 139 Million in the six months that run from April to September 2014. South African Airways incurred a net loss of USD 223 Million during its fiscal year which ended March 2014. Africa’s oldest airliner, Egypt Air, on the other hand registered net loss of USD 350 Million for the fiscal year that ended on June 2014.
Source: The Reporter